Orbotech with revenues of USD 210.7 million

Revenues for the second quarter of 2017 totalled USD 210.7 million, compared with USD 196.0 million in the second quarter of 2016, and USD 187.6 million in the first quarter of 2017.

Commenting on the results, Asher Levy, Chief Executive Officer, said: “We are very pleased to report robust financial results for the second quarter of 2017. Each of our operating divisions performed strongly and we achieved overall record quarterly bookings. While these results certainly echo the current favorable industry conditions, they are also the fruit of the Company’s steady and selective investment in research and development over the long-term, and reflect the technological leadership which our solutions offer in the highly competitive industries that we serve. New and emerging growth opportunities in areas such as advanced smartphones, automotive and flat panel displays, mean that our total addressable market continues to expand. Our strong backlog and order book reinforce our belief that we will meet our execution plans for 2017.”
In the Company’s Production Solutions for Electronics Industry segment:

Revenues from the Company’s printed circuit board (“PCB”) business were USD 82.5 million (including USD 51.1 million in equipment sales) in the second quarter of 2017. This compares to PCB revenues of USD 72.6 million (including USD 43.8 million in equipment sales) in the second quarter of 2016.

Revenues from the Company’s flat panel display (“FPD”) business were USD 69.7 million (including USD 58.6 million in equipment sales) in the second quarter of 2017. This compares to FPD revenues of USD 49.9 million (including USD 39.8 million in equipment sales) in the second quarter of 2016.

Revenues from the Company’s semiconductor device (“SD”) business were USD 54.9 million (including USD 44.1 million in equipment sales) in the second quarter of 2017. This compares to SD revenues of USD 67.5 million (including USD 53.6 million in equipment sales) in the second quarter of 2016.

Revenues in the company’s other segments totalled USD 3.6 million in the second quarter of 2017, compared with USD 6.0 million in the second quarter of 2016. Service revenues for the second quarter of 2017 were USD 55.3 million, compared with USD 55.0 million in the second quarter of 2016.
Gross profit and gross margin in the second quarter of 2017 were USD 98.6 million and 46.8 percent, respectively, compared with USD 89.9 million and 45.9 percent, respectively, in the second quarter of 2016. GAAP net income and GAAP net income margin in the second quarter of 2017 were USD 25.0 million and 11.9 percent respectively, compared with USD 13.3 million, and 6.8 percent respectively in the second quarter of 2016. Adjusted EBITDA (as defined below) and adjusted EBITDA margin for the second quarter of 2017 were USD 44.3 million and 21.0 percent, respectively, compared with USD 39.1 million and 20.0 percent, respectively, in the second quarter of 2016.
Second half 2017 Guidance
The company expects revenues for the second half of 2017 to be in the range of USD 460 to 480 million, split about evenly between the third and the fourth quarters of 2017. The company expects gross margin for the second half of 2017 to be in the range of 47.0-47.5 percent, based on current expectations of product mix.